HomeMy WebLinkAboutOrdinances Book 16, Page 237, No Ordinance Number237 . rU,
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'.I II BOND ORDINANCE
Va AN ORDINANCE OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF ONE
HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($125,000.00) OF CITY OF PADUCAH
PARKING FACILITIES REVENUE BONDS, UNDER THE PROVISIONS OF SECTION
82.050 AND SECTIONS 58.010 THROUGH 58.140, INCLUSIVE (CHAPTER 58),
OF THE KENTUCKY REVISED STATUTES, FOR THE PURPOSE OF PAYING THE
COST OF ACQUIRING AND CONSTRUCTING CERTAIN AUTOMOBILE OFF-STREET
PARKING FACILITIES FOR THE CITY; PROVIDING FOR THE COMBINING AND
CONSOLIDATING OF SAID OFF-STREET PARKING FACILITIES WITH THE EXISTING
ON -STREET (CURB -LINE) PARKING FACILITIES OF THE CITY, AS A SINGLE,
REVENUE-PRODUCING PUBLIC PROJECT, UNDER THE AFORESAID STATUTES, FOR
THE CONTROL OF TRAFFIC AND RELIEF OF CONGESTION ON THE STREETS AND
PUBLIC WAYS; SETTING FORTH THE TERMS AND CONDITIONS UPON WHICH SAID
$125,000 OF REVENUE BONDS ARE TO BE AND MAY BE ISSUED AND OUTSTANDING;
AND PROVIDING FOR THE COLLECTION, SEGREGATION AND DISTRIBUTION
OF THE REVENUES OF SAID COMBINED AND CONSOLIDATED PUBLIC PROJECT.
WHEREAS, the City of Paducah, in McCracken County, Kentucky, has
heretofore installed certain on -street parking facilities, consisting of
on -street (curb -line) parking meters, and has established regulations for
their use and operation in order properly to regulate and control traffic
upon the congested streets within said City, and in connection with such
establishment, use and operation, said City imposes a fee for parking by
motor vehicles on such congested streets and thereby derives revenues from
such on -street parking meters; and
WHEREAS, said City is in the process of acquiring and constructing
certain off-street parking facilities, consisting of a certain off-street
parking lot located at the southwest corner of the intersection of Kentucky
Avenue and South Third Street in said City, with space for approximately 130
automobiles, on which lot certain improvements are to be constructed and
parking meters are to be installed, and
WHEREAS, existing traffic conditions upon the commercial streets
of said City necessitate that the existing parking facilities of the City be
added to, extended and improved so as to further relieve traffic and street
congestion, prevent abuse of parking privileges, increase parking privileges,
accelerate the free movement of traffic, and as a part of the municipal traff
system promote the public safety, convenience and welfare; and
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WHEREAS, it is the desire and intent of this Board of Commissioners
at this time.to adopt this Ordinance authorizing and providing for the issuanc
of its Revenue Bonds in the amount of $125,000 for the purpose aforesaid, and
to set forth the restrictions and conditions upon which said Revenue Bonds and
any additional Bonds ranking on a parity therewith are to be and may be issued
and outstanding and to express special covenants with respect to the operation
of said project and providing for the rights of the holders of said Bonds and
the coupons appertaining thereto and for the enforcement thereof,
NOW THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, DOES ORDAIN AS FOLLOWS:
SECTION 1. DEFINITIONS.
As used in this Ordinance, unless the context requires otherwise:
A. The terms "public parking facilities construction project,"
or "parking construction project," or "construction prokect," shall be used
synonymously and shall be deemed to refer specifically to the acquisition
and construction of new off-street parking facilities, consisting of the
acquisition and improvement of an off-street parking site located at the
southwest corner of the intersection of Kentucky Avenue and South Third
Street in said City, as described herein.
B. The terms "public project," or "public parking facilities
project," or "project," shall be used synonymously in this Ordinance and
shall be deemed to refer to the existing on -street (curb -line) parking
facilities and the new off-street parking facilities of the City (now being
acquired and constructed), which facilities are all herein ordered to be
combined and consolidated and operated as a single, combined and consoli-
dated revenue-producing public parking facilities project, together with
all future extensions, additions and improvements to said project, or to
any part thereof.
C. The "Bonds" or the "Bonds of 1967" means any of the Bonds of
the original authorized issue of ,$125;000 -of Bonds, specifically authorized
by this Ordinance.
D. "Parity Bonds" means bonds issued in the future, in addition
to the $125,000 of Bonds herein specifically authorized, which Bonds issued
in the future will, pursuant to the provisions of this Ordinance rank on a
basis of parity with said $125,000 of Bonds, as to priority, security and
source of payment, and does not mean Bonds which will rank inferior to the
security and source of payment of said $125,000 of Bonds.
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SECTION 2. COMBINING AND CONSOLIDATING THE OFF-STREET PARKING FACILITIES
AND THE ON -STREET PARKING FACILITIES OF THE CITY INTO A
SINGLE, PUBLIC PROJECT; AUTHORITY; PURPOSE.
That the existing on -street parking facilities of the City, as the
same presently exist, and the proposed new off-street parking facilities of
the City, now being acquired and constructed, all as defined above as the
"public parking facilities project," and as may from time to time hereafter
be extended and improved, are hereby combined and consolidated into a single
public parking facilities project, which is hereby declared to constitute a
single, combined and consolidated revenue-producing public project within
the meaning and application of Section 82.050 and Sections 58.010 to 58.140,
inclusive, of the Kentucky Revised Statutes, as interpreted by the Court of
Appeals of Kentucky in the same of Skidmore v. City of Elizabethtown, Ky.,
291 S.W. 2d 3. The Bonds herein authorized shall be issued for the purpose
of defraying the cost of acquiring and constructing said construction project;
and so long as any of said Bonds of 1967 or any parity bonds remain outstanding,
said combined and consolidated public project shall be owned, controlled,
operated and maintained on a combined and consolidated basis for the security
and source of payment of said Bonds of 1967.
SECTION 3. Acquisition CONTRACT AND CONSTRUCTION WORK APPROVED;
MRK AUTHORIZED.
The Board of Commissioners hereby authorizes,approves, ratifies
and confirms its previous action in negotiating a contract for the purchase
of said proposed off-street parking property for a price of $90,000, approves
the action of the City officials in entering into a formal contract providing
for the leasing by the City of said property from the Urbam Renewal Agency
for a price of $1.00 per month until such time as said purchase is consummated
at said price of $90,000, and further authorizes, approves, ratifies and con-
firms the previous arrangements made by the City for the construction of a
portion of the improvements to said off-street parking facilities through
employees of the City by "force account."
SECTION 4. AUTHORIZATION OF BONDS.
For the purpose of defraying the costs (not otherwise provided) of
the acquisition and construction of said parking construction project, including
preliminary expenses, the cost of said land acquisition, the cost of parking
meters to be installed thereon, limestone base, concrete sidewalks, curbs,
gutters and driveways, asphalt surfacing, capitalized interest during con-
struction, legal and administrative costs, fee of Fiscal Agent, publication
costs and all incidental expenses, there are hereby authorized to be presently
issued and sold One Hundred Twenty-five Thousand Dollars $125,000) of City
of Paducah Parking Facilities Revenue Bonds, dated July 1, 1967, in the
denomination of $1,000 each, and numbered from 1 to 125, inclusive.
Said Bonds shall bear interest from July 1, 1967, payable semi-
annually on the first days of January and July in each year and shall bear
interest at a rate or rates to be determined by resolution to be adopted by
the Board of Commissioners of the City at the time or times of the public
sale of said Bonds, not to exceed a net maximum interest cost of six percent
(6%) per annum, as hereinafter more specifically provided.
The numbering, maturities and principal and interest requirements
on said $125,000 of bonds, based upon a tentatively estimated interest rate
of five percent (5%) per annum, are as follows:
SECTION 5. PROVISIONS AS TO PLACE OF PAYMENT, PRIOR REDEMPTION AND EXECU
Both principal and interest on said Bonds shall be payable at the
main office of Citizens Bank & Trust Company, Paducah, Kentucky, in lawful
money of the United States of America.
Bonds of said authorized issue maturing on or after January 1, 1974,
numbered 22 to 125, inclusive, shall be subject to redemption by said City
prior to maturity, on any interest payment date falling on or after January 1,
1973, in accordance with the terms and provisions contained in the bond form
set out in Section 6 below.
Tentatively
Estimated
Total
Interest
Principal
Maturity,
Requirements
and Interest
January 1,
Principal
Numbering
5%
Requirements
1968
-0-
---
$ 3,125
$ 3,125
1969
$ 4,000
1-4
6,250
10,250
1970
4,000
5-8
6,050
10;050
1971
4,000
9-12
5,850
9,850
1972
4,000
13-16
5,650
9,650
1973
5,000
17-21
5,450
10,450
1974
5,000
22-26
5,200
10,200
1975
5,000
27-31
4,950
9,950
1976
5,000
32-36
4,700
9,700
1977
6,000
37-42
4,450
10,450
1978
6,000
43-48
4,150
10,150
1979
6,000
49-54
3,850
9,850
1980
6,000
55-60
3,550
9,550
1981
7,000
61-67
3,250
10,250
1982
7,000
68-74
2,900
9,900
1983
7,000
75-81
2,550
9,550
1984
8,000
82-89
2,200
10,200
1985
8,000
90-97
1,800
9,800
1986
9,000
98-106
1,400
10,400
1987
9,000
107-115
950
9,950
1988
10,000
116-125
500
10,500
SECTION 5. PROVISIONS AS TO PLACE OF PAYMENT, PRIOR REDEMPTION AND EXECU
Both principal and interest on said Bonds shall be payable at the
main office of Citizens Bank & Trust Company, Paducah, Kentucky, in lawful
money of the United States of America.
Bonds of said authorized issue maturing on or after January 1, 1974,
numbered 22 to 125, inclusive, shall be subject to redemption by said City
prior to maturity, on any interest payment date falling on or after January 1,
1973, in accordance with the terms and provisions contained in the bond form
set out in Section 6 below.
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Said Bonds, and the interest coupons appertaining thereto, shall
be executed on behalf of said City pursuant to the facsimile signature law
of Kentucky, KRS 61.390, with the duly authorized reproduced facsimile sig-
nature of the Mayor of said City; the reproduced facsimile of the Corporate
Seal of said City shall be imprinted thereon, attested by the manual signa-
ture of the City Clerk; and the interest coupons attached to said Bonds
shall be executed with the reproduced facsimile signatures of said Mayor
and of said City Clerk, which officials, by the execution of appropriate
certifications, shall adopt as and for their own proper signatures their
respective facsimile signatures on said Bonds and coupons.
SECTION 6. BOND FORM.
That said Bonds and coupons shall be in substantially the following
form:
UNITED STATES OF AMERICA
COMMONWEALTH OF KENTUCKY
COUNTY OF McCRACKEN
CITY OF PADUCAH
PARKING FACILITIES REVENUE BOND
No.
$1,000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Paducah, in the County of McCracken, in the
Commonwealth of Kentucky, acknowledges itself to owe, and for value received,
hereby promises to pay to the bearer hereof, solely from the special fund
hereinafter identified, the sum of
ONE THOUSAND DOLLARS
On the first day of January, 19
and to pay interest on said sum from the date hereof at the rate of
percent (_%) per annum, payable semi-annually,
on the first days of January and July in each year until paid, except as the
provisions hereinafter set forth with respect to prior redemption may be and
become applicable hereto, such interest as may accrue on and prior to the
maturity of this Bond to be paid upon presentation and surrender of the annexed
interest coupons as the same severally mature, both principal and interest
being payable, without deduction for exchange or collection charges, in lawful
money of the United States of America, at the main office of Citizens Bank &
Trust Company, Paducah, Kentucky.
This Bond is one of a duly authorized Series of Bonds in the amount
of One Hundred Twenty -Five Thousand Dollars ($125,000), numbered consecutively,
from 1 to 125, inclusive (this Bond and said authorized issue and the apper-
taining coupons being hereinafter sometimes referred to collectively as "the
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Bonds" or "these Bonds"), issued by said City for the purpose of defraying
the costs of the acquisition and construc tion of new off-street parking facilites,
consisting of the acquisition and improvement of an off-street parking site in
said City. These Bonds are issued pursuant to the provisions of Section
82.050 and Chapter 58 (Sections 58.010-140) of.the Kentucky Revised Statutes
and pursuant to an Ordinance.of,the City authorizing said Bonds, which Ordinance
ordered that said new off-street parking facilities be combined and consolidated
with the existing on -street (curb-line),parking facilities of the City into a
single public project and further provided that so long.as these Bonds are
outstanding, said on -street and off-street parking facilities shall,be operated
as.a single, combined and consolidated revenue-producing public project.
Bonds numbered 22 to 125, inclusive, maturing on or after January 1,
1974, of these Bonds as may be outstanding from time to time, are subject to
redemption by said City prior to maturity, in whole or from time to time in
part, in the inverse order of their maturities (less than all of a single
maturity to be selected by lot), on any interest payment date falling on or
after January 1, 1973, upon payment of face amount plus all accrued interest
evidenced by interest coupons maturing on and prior to the redemption date,
plus a redemption premium expressed in terms of the amount of premium per
$1,000 Bond, as follows:
$30.00 if redeemed on or after January 1, 1973 and
on or before January 1, 1978;
$20.00 of redeemed thereafter and on or before January 1, 1983; and
$10.00 if redeemed thereafter and prior to final maturity.
In the event that any of these Bonds are called for redemption as
aforesaid, notice thereof identifying the Bonds to be redeemed shall be given
by publication at least once not less than thirty days prior to the redemption
date, in a newspaper of general circulation throughout Kentucky.
All of said Bonds as to which said City reserves and exercises
the right of redemption and as to which notice as aforesaid shall have been
given, and for the retirement of which, upon the terms aforesaid, funds are
duly provided, will cease to bear interest on the redemption date. Notice
of such redemption may be waived with the written consent of the holder(s)
of the Bond(s) so called for redemption.
It is provided in and by said Ordinance that additional bonds
ranking on a parity with these Bonds, may be issued and outstanding, and
these Bonds, together with any such bonds ranking on a parity therewith that
may be issued and outstanding under the conditions and restrictions of said
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Ordinance, are and will continue to be payable from and secured by an exclusiv
pledge of a fixed portion of the gross income and revenues to be derived from
the operation of said combined and consolidated public parking facilities
project, which fixed portion of said income and revenues shall be sufficient
to pay the principal of and interest on these Bonds and on any additional
bonds ranking on a parity therewith as may be issued and outstanding under
the conditions and restrictions set out in said Ordinance, as and when the
same become due and payable, and which shall be set aside as a special fund
for that purposeand identified as the "City of Paducah Public Parking
Facilities Project Bond and Interest Redemption Fund of 1967." These Bonds
do not constitute an indebtedness of the City of Paducah within the meaning
of any constitutional or statutory provisions or limitations. Said City
covenants that so long as these Bonds remain outstanding, said combined and
consolidated public parking facilities project will be continuously operated
as a revenue-producing undertaking, and that the City will fix and charge
such rates for the services and facilities of said project so that the income
and revenues therefrom will be sufficient to pay all of said Bonds and the
interest thereon as the same become due and to pay the cost of operation and
maintenance of said project and to provide for the depreciation of said
project.
This Bond is fully negotiable and shall pass merely by delivery.
This Bond is exempt from taxation in the Commonwealth of Kentucky.
It is hereby dertified, recited and declared that all acts,
conditions and things required to exist, happen and be performed precedent
to and in the issuance of these Bonds, have existed, have happened and have
been performed in due time, form and manner as required by law, that the
amount of these Bonds, together with all other obligations of said City,
does not exceed any limit prescribed by the Constitution or statutes of the
Commonwealth of Kentucky, and that a sufficient portion of the gross income
and revenues of said combined and consolidated public parking facilities
project has been pledged to.and will be set aside into the aforesaid special
fund by said City for the prompt payment of the principal of and interest on
this Bond and on all other Bonds ranking on a parity therewith that may be
issued and outstanding.
IN WITNESS WHEREOF, said City of Paducah, in the Commonwealth of
Kentucky, has caused this Bond to be executed on its behalf with the duly
authorized, reproduced facsimile signature of its Mayor and the reproduced
facsimile of its corporate seal to be imprinted hereon, attested by the manual
am
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signature of its City Clerk, and the coupons hereto attached to be executed
with the duly authorized reproduced facsimile signatures of said Mayor and
said City Clerk, and this Bond to be dated the first day of July, 1967.
CITY OF PADUOAH, KENTUCKY
By (Facsimile Signature)
Attest: Mayor
City Clerk
(Facsimile City Seal)
(FORM OF COUPON)
BOND NO.
COUPON NO. $
Unless .the Bond to which this.coupon appertains is redeemable _
and accordingly shall have been theretofore called for prior redemption
and payment of the redemption price duly made or provided for,
On the.first day of , 19
The City of Paducah, Kentucky, will pay to the bearer -the amount
shown hereon, without deduction for exchange or collection charges, out of
its "City of Paducah Public Parking Facilities Project Bond and Interest
Redemption Fund of 1967," at the main office of Citizens Bank & Trust Company,
Paducah, Kentucky, as provided in and being interest then due on its $1,000
City of Paducah Parking Facilities Revenue Bond, dated July 1, 1967,
numbered
CITY OF PADUCAH, Kentucky
BY
Mayor
ATTEST:
(Facsimile Signature)
City Clerk
SECTION 7. SALE OF BONDS.
The entire $125,000 of Bonds authorized by this Ordinance shall be
offered for sale, which shall be publicly advertised,' upon.the basis of sealed,
competitive bids, which shall be -publicly opened and acted upon by.the Board
of Commissioners; to that end, the.Mayor and the City Clerk are authorized to
sign an appropriate form of Notice soliciting purchase bids and to cause the
same to be published in conformity with Chapter 424 of the Kentucky Revised
Statutes, at least one time, not less than 7 days nor more than 21 days, prior
to the designated sale date, (a) in THE PADUCAH SUN -DEMOCRAT, which is the
newspaper having the largest bona fide circulation which is published in the
City of Paducah, Kentucky, and is the newspaper meeting the requirements of
245
KRS 424.110-120 for publication in which official publications of the City of
Paducah are required to be published, (b) in THE COURIER_JOURNAL, a daily
newspaper published in Louisville, Kentucky, and having general circulation
throughout the Commonwealth of Kentucky, and (c) in THE BOND BUYER, a financial
publication in the City and State of New York and of general circulation among
bond issue purchasers.
The published Notice shall be in the customary form or forms, shall
identify the Bonds offered for sale, shall designate a day and hour for the
receiving and public opening and consideration of purchase bids, which time
will be the time of a regular, adjourned regular, or called, special meeting
of the Board of Commissioners, as may be determined by the Board or by the
Mayor; shall require that bids be for all of said Bonds and be upon terms of
cash at a price not less than $122,500.00 (98% of par) for'said $125,000 of
Bonds plus accrued interest;: shall permit bidders to stipulate one or more
interest coupon rates in multiples of 1/8% or 1/10%, not exc.eeding four dif-
ferent rates, repitition of.a rate not to be.considered a different rate,
with no more than 2%.differential between the highest and the lowest interest
rates bid. All bonds of the same maturity shall bear the same and a. single.
interest coupon rate from the date ther.eo.f.to maturity,.and interest becoming
due on any interest payment date may not.be..represented by more than one .
coupon on any Bond; provided that.no.b.ids may exceed the le'gal.maximum interest
rate or net interest cost of six percent (6%) per annum.
BIDDERS SHALL be•required to deposit a good faith check by cashier's
check or certified check, in the minimum amount of two percent (2%) of the
face amount of the Bonds offered for sale. The City shall reserve the right,
in its discretion, to determine the best bid or bids, to waive any informality
and to reject any or all bids.
The Mayor and the City Clerk are additionally.authorized, in
connection with such sale, to sign, cause to be reproduced in mimeographed,
printed, or other multiple copy form, and to supply any interedted party
upon request, the Official Terms and Conditions of sale of Bonds, giving a
more detailed description of the Bonds and setting forth terms and condi-
tions calculated to bring about uniformity in bidding. Standard Bid Forms
shall be required.
Suggested forms of a "Notice of Bond Sale," the "Official Terms
and Conditions of Sale of Bonds," and the "Bid Form," having been prepared
and submitted by bond counsel, and the same having been examined by the Board
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of Commissioners and found to be in order, the same are hereby approved and
may be used for the purpose of this Section.
SECTION 8. DISPOSITION OF BOND PROCEEDS
That upon the sale, delivery of and payment for said $125,000 of
Revenue Bonds by the successful purchaser, the proceeds of said Bonds shall
forthwith and simultaneously be applied as follows:
No
A. There shall be taken out of the proceeds of said sale and
deposited in the Sinking Fund hereinafter created, an amount equal to all
accrued interest collected from the successful purchaser of said Bonds,
representing accrued interest from July 1, 1967, to the date of delivery of
the Bonds.
B. There shall be paid out of such proceeds the fee to which
Stein Bros. & Boyce, Inc., Starks Building, Louisville, Kentucky 40202, is
entitled under its fiscal agency agreement with the City, for its services
as Fiscal Agent in connection with the issuance of said Bonds.
C. The entire remaining proceeds of the sale of said Bonds shall
be devoted exclusively toward defraying the costs of said parking facilities
construction project hereinbefore defined. To the extent that the City shall
have found it necessary and possible to expend funds for various items of
construction costs relating to such construction project, as defined herein,
prior to the issuance, sale and delivery 6f said Bonds, through force account
or otherwise, the aggregate of all of such expenditures (but not to exceed
an amount to permit the sum of at least $90,000.00 of such bond issue proceeds
to be earmarked for the'cost of acquiring off-street parking site as set out
herein) shall be reimbursed to said City from the proceeds of the sale of the
Bonds hereby authorized, upon orders of the Board of Commissioners of the City.
Pending expenditure of the remaining proceeds for the purchase
price ($90,000.00) of the aforesaid off-street parking site and of the bal-
ance of the proceeds for the remaining costs of said construction project,
as defined herein, such remaining proceeds shall be deposited in a special
Acquisition and Construction Account at Citizens Bank & Trust Company, Paducah,
Kentucky, said Account at said Bank to be called "City of Paducah Public Parking
Facilities Project Acquisition and Construction Account of 1967."
Said Bank shall invest for the benefit of said Account such portion
of said Account, as is designated by the Mayor or the Board of Commissioners
of the City, in United States Government obligations or in Certificates of
Time Deposit of said Bank, maturing in from six to nine months from date of
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investment (as designated by the Mayor or the Board of Commissioners of the
City), and any of such funds on deposit in said Bank or invested in such Cer-
tificates of Time Deposit, to the extent that same are in excess of the amount
insured by the FDIC, shall be earmarked and secured by a pledge of an equiv-
alent amount in current fair market value (exclusive of accrued interest) of
United States Government obligations until expended. Interest earned on any
such investments shall be credited to said Acquisition and Construction Account
and applied to the purposes thereof.
Payment from said Acquisition and Construction Account for the cost
of acquiring said off-street parking site, pursuant to a contract between the
Urban Renewal and Community Development Agency of Paducah, Kentucky, and the
City of Paducah, Kentucky, to be entered into and dated July 21, 1967 (and
which is hereby ratified and confirmed), shall be made at a time and in such
manner, as determined by the Mayor, the Corporation Counsel, and/or other
appropriate City officials, as to enable said City to obtain recorded good
marketable fee simple title to said off-street parking site simultaneously
with the payment of said sum. Said off-street parking site referred to is
located in the City of Paducah, Kentucky, and is more particularly described
as follows:
Beginning at the southwest corner of the intersection of
Kentucky Avenue and South 3rd Street; thence in a southerly
direction along the west property line of South3rd Street,
173.25 feet; thence at right angles and in a Westerly direc-
tion 346.5 feet to a point in the East property line of
South 4th Street; thence in a Northerly direction and along
the west property line of South 4th Street 173.25 feet to
the southeast intersection of South 4th Street and Kentucky
Avenue; thence at right angles and along the south property
line of Kentucky Avenue in an Easterly direction 346.5 feet
to the point of beginning.
Apart from the purchase of said off-street parking facilities site,
as aforesaid, which purchase has been agreed upon as set out in the aforesaid
Contract between the City and the Urban Renewal and Community Development
Agency of Paducah, Kentucky, all other costs pertinent to said construction
project as defined herein shall be paid out of the aforesaid Acquisition and
Construction Account only upon vouchers signed by the City Engineer, provided
all checks drawn against said Account shall be signed by the Senior Treasurer
and countersigned by the City Manager, and accompanied by such voucher before
being honored by the aforesaid Bank. The aforementioned officials are hereby
authorized to execute such checks from time to time, in the necessary amounts,
upon the aforesaid certification being executed by the City Engineer and pre-
sented to the aforesaid officials, without the necessity of any further meetings,
authorizations, ordinances or motions by the Board of Commissioners.
248
Such checks shall be fully negotiable, and the aforesaid Bank shall
be authorized to honor and pay the same, if said certification of the City
Engineer is attached thereto, provided said Bank assumes the responsibility
for the validity of all signatures and the validity and propriety of all
endorsements, or if all signatures and endorsements to it are guaranteed by
another FDIC bank.
Pending disbursement for the authorized purposes, the proceeds
of the Bonds issued pursuant to this Ordinance and of said Acquisition
and Construction Account shall be subject to a first and paramount lien
and charge in favor of the holder(s) of the Bonds, and for their further
security.
After the Board of Commissioners certifies that the acquisition
and construction of said construction project has been completed and paid for
(including the cost of acquisition of said off-street site), any'surplus then
remaining'shall either be transferred to the Reserve Fund of the Sinking Fund
hereinafter provided, or shall be transferred to the Depreciation Fund herein-
after provided and used for the construction of further extensions, additions
or improvements to said combined and consolidated public project, in accordance
with the orders of the governing body of the City, without the necessity of
any further certification by anyone.
SECTION 9. CREATION OF SPECIAL FUNDS.
From and after the first day of the month following the delivery
of the Bonds authorized herein, said combined and consolidated public parking
facilities project shall be operated on a calendar year basis commencing on
January first of each year and ending on December 31st of the same year, and
on that basis the gross income and revenues of said project.shall be set
aside monthly in a separate and special fund to be designated as the "City
of Paducah Public Parking Facilities Project Revenue Fund of 1967," herein-
after sometimes called the "Revenue Fund", which shall be maintained at
Citizens Bank & Trust Company, Paducah, Kentucky, and the revenues of said
combined and consolidated public parking facilities project so set aside shall
then be used and apportioned monthly as follows
A. SINKING FUND.
There is hereby created a special account or fund to be known as
the "City of Paducah Public Parking Facilities Project Bond and Interest
Redemption Fund of 1967" ( hereinafter sometimes called the "Sinking Fund"),
into which there shall be set aside out of the proceeds of the sale of the
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Bonds an amount equal to the collected accrued interest received from the
purchaser of the Bonds, representing accrued interest from July 1, 1967, to
the date of delivery and payment for said Bonds, as provided in Section 8
above, and there shall also be set aside into said Sinking Fund, from the
gross income and revenues in the Revenue Fund, beginning in the month following
the month in which this Ordinance is enacted, sums in each mon th not less than:
(1) an amount equal to one-fifth (1/5) of the interest becoming
due on the next succeeding interest due date; plus
(2) beginning in January, 1968, an amount equal to one=tenth
(1/10) of the principal of all Bonds maturing on the next succeeding
January 1.
Provided, however, that all surplus'sums deposited in said Sinking
Fund in excess of the requirements of semi-annual interest payments and annual
principal payments falling due in any ensuing period of twelve months, shall
-.constitute and accumulate within said Sinking Fund as a "City of Paducah Public
Parking Facilities Project Reserve Fund," hereinafter sometimes called the '
"Reserve Fund," or the "Sinking Fund Reserve," hereby created, until such time
as the balance in said Sinking Fund Reserve is equal to not less than TWICE
the masimum amount required in any year for principal and interest requirements
on the outstanding Bonds; and.thereafter, the aforesaid monthly deposits
referred to in (1) and (2) above may be reduced to:
(a) an amount equal to one-sixth (1/6) of the interest becoming
due on the next succeeding interest due date; and
(b) an amount equal to one -twelfth (1/12) of the principal of
all Bonds maturing on the next succeeding January 1,
but subject to resumption of the aforesaid monthly deposits equal to 1/5 of
the maturing (6 months) interest and 1/10 of the maturing (twelve months)
principal set out in (1) and (2) of this Section, whenever authorized dis-
bursements from the Sinking Fund Reserve shall reduce the balance therein
below the stipulated level, the same to be continued for such period of time
as may be required to restore the balance therein to such stipulated level.
It is hereby determined that for the purpose of the foregoing
calculations, the amounts required for principal and interest on said Bonds
are the amounts set out in the statement of (estimated) principal and inter-
est requirements in the table contained in Section 4 of this Ordinance, if
said One Hundred Twenty-five Thousand Dollars ($125,000) of Bonds are sold
to bear interest at the rate of five percent (5%) per annum. If the interest
rate or rates actually established at the sale are greater or less than the
tentatively anticipated interest rate of five percent (5%) per annum, said
requirements (as set out in the aforementioned schedule) on which said cal-
culations are based, shall be automatically increased or reduced accordingly.
As and when additional bonds are issued ranking on a parity with
the Bonds herein authorized under the conditions and restrictions hereinafter
set forth, provision shall be made for additional payments into the Sinking
Fund so as to pay the interest on and the principal of such additional parity
bonds as and when the same become due, and for increasing the Reserve Fund
within a period of five years from the date of issuance of such additional
parity bonds, to an aggregate amount equal to the maximum amount-thereafter
becoming due with respect to all outstanding Bonds, including such parity
bonds, in any period of twelve months ending on January 1 of any year.
Said Sinking Fund and said Reserve Fund shall be used solely and
only for, and are hereby pledged for, the payment of the interest on and
principal of the Bonds hereby authorized and of any additional parity bonds
herein permitted to be issued.
The amount by which any funds on deposit in said Sinking Fund
Reserve are in excess of said prescribed minimum reserve to be accumulated
and maintained, may be held in said Fund as additional reserve for the same
purpose, and unless all Bonds payable from said Sinking Fund at the-time out-
standing are to be then retired, only such part of said-Sinking Fund Reserve
shall be used to purchase or redeem Bo•.>ds in advance of maturity, as may be
in excess of the prescribed minimum Reserve plus the interest and the -prin-
cipal scheduled to mature within the succeeding twelvemonths on all Bonds
which by their terms are payable from said Sinking Fund.
No further payment need be made into said Sinking Fund and Reserve
Fund whenever and so long as such amount of the Bonds shall'-.have been retired
that the amounts then held in such funds are equal to the entire amount of
the interest and principal (and redemption premium, if any) that will be pay-
able to and at the time of the retirement or maturity of all of the.Bonds
then remaining outstanding.
Such payments into said Sinking Fund(and said Reserve Fund shall.
he made in equal monthly installments on the first day of each month, except
that -when the first day of any month shall be on a Sunday or a legal holiday,
then such payments shall be made on the 'next succeeding secular day..
In the event that the income and revenues during any month are.
inadequate to make the required payments into said Sinking Fund and.Reserve
Fund, the deficiency-shall be made up and paid as aforesaid from:,the first
available'income and revenues thereafter received, and same shall-be in addition
to payments otherwise provided to be made in such succeeding month or months.
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'9
A
All moneys in said Sinking Fund and in said Reserve Fund shall be
deposited in Citizens Bank & Trust Company, Paducah, Kentucky. Said Bank shall
invest for the benefit of said Sinking Fund (and Reserve Fund) such portion
thereof as is designated by the governing body of the City; in United States
Government obligations or in Certificates of Time Deposit of said Bank maturing
as same will be needed for meeting interest and/or principal payments, and any
of such funds on deposit in said Bank or invested in such Certificates of Time
Deposit (inexcess of the amount insured by the FDIC) shall be earmarked and
secured by a pledge of an equivalent amount (exclusive of accrued interest) of
United States Government obligations, or Bonds of the issue herein authorized,
until expended. Interest earned on any such investments shall be credited to
the Sinking Fund (or the Reserve Fund portion thereof, as the case may be) and
applied to the purposes thereof.
Withdrawals shall be made from said Reserve Fund and transferred
to the Sinking Fund if and to any.extent required at any time to prevent a
default in the payment of principal of or interest on any Bonds which by their
terms are payable from the Sinking Fund; and, if necessary, securities held
as investments in said Reserve Fund shall be converted into cash for such
purpose, but no withdeawals shall be made for any other purpose, and the City
hereby irrevocably pledges all moneys and securities in the Reserve Fund for
such specified purposes only. In the event any such permitted withdrawals
are made. the deficiency in such fund shall be restored as soon as revenues
are available.
The balance of the income and revenues then remaining shall be set
aside for operation and maintenance and for depreciation as hereinafter prov
B. OPERATION AND MAINTENANCE FUND
There shall be and there is hereby created a fund known as the
"City of Paducah Public Parking Facilities Project Operation and Maintenance
Fund of 1967," into which there shall be deposited in each month an amount
equal to ninety percent (90/) of the balance of the income and revenues of
said public project in the Revenue Fund after,the aforementioned provisions
have been complied with. From this Operation and Maintenance Fund, all costs
of operating, maintaining and insuring said project shall be paid.
If there shall be accumulated in said Operation and Maintenance
Fund, after payment in full of all current costs of operation, maintenance
and insurance, a sum in cash equal to all anticipated and estimated costs
of operating and maintaining said combined and consolidated public parking
facilities project for the ensuing period of three months commencing upon
252
the first day of the calendar month following the month in which such esti-
mate is made.- (which amount shall be not less than the actual costs::of operating
and maintaining said project for the three months period ending on the last
day of the calendar month preceding the month in which such estimateis made),
no further payments shall thereafter be required to be made into said
Operation.and Maintenance Fund except to the extent sufficient to pay the
current costs of operation, maintenance and insurance in each month, so that
said accumulation may be preserved and maintained as an -Emergency Fund.
All funds in the Operation and Maintenance Fund shall -be kept apart
from all other municipal funds and shall be deposited, secured and/or invested
in the same manner as herein provided for the deposit and security of the
Sinking Fund.
Whenever such excess payments are no longer required to be made
into said Operation and Maintenance Fund, the portion of the revenues in.
excess of the amount required for current costs of operation, maintenance and
insurance which would otherwise be so payable may, by order of the Board of
Commissioners, be discontinued or same may be transferred to the Sinking Fund
Reserve, and shall be so transferred so long as the minimum prescribed Reserve
has not been accumulated and is not being maintained or has not been restored;
or, when not so ordered or required to be transferred to such Sinking Fund
Reserve, may be deposited in the Depreciation Fund, and shall be.deposited
in said Depreciation Fund whenever and so long as the minimum required
Depreciation Reserve has not been accumulated and/or is not being maintained.
C. DEPRECIATION FUND.
There shall be and there is hereby created.a fund known as the
"City of Paducah Public Parking Facilities Project Depreciation Fund of 1967,"
hereinafter sometimes called ."Depreciation Fund," into which there shall be
set apart and paid out of said "Revenue Fund" in each month the remaining
ten percent (10%) of the balance of the annual income and revenues remaining
in the Revenue Fund after the aforementioned provisions have been complied
with. There shall also be deposited in this Depreciation Fund the proceeds
from the sale of any equipment no longer usable or needed and the proceeds
of any property damage insurance not immediately used to replace damaged or
destroyed property.
Whenever there shall have been accumulated in said Depreciation
Fund the amount of $5,000 as a Depreciation Reserve, the subsequent monthly
payments into said Fund may be discontinued and/or may by order of the Board
of Commissioners be diverted into the Sinking Fund to be held as a part of the
253
Reserve Fund therein, which funds may then be used to redeem Bonds only after
the aforementioned Reserve Fund shall have accumulated beyond the minimum
amount hereinabove prescribed; provided,.however, that said monthly payments
into the Depreciation Fund shall be resumed.whenever and so long as necessary
to restore and maintain said Depreciation Reserve in the sum of $5,000.00.
As and when additional parity bonds are issued, provision shall
be made for additional payments into the Depreciation Fund, -and for increasing
the Depreciation Reserve by continuing or resuming the aforesaid ten percent
(10%) payments until there has been accumulated in said Fund an amount equal
to 5,000/125,000 of the face value of all Bonds, including the additional
Parity bonds, which will then be outstanding.
All funds in the Depreciation Fund shall be kept apart from all
other municipal funds and shall -be deposited, secured and/or invested in the
same manner as herein provided for the deposit and security of the.Sinking Ful
All funds in the Depreciation Fund shall, except as provided herein,
be expended in balancing any depreciation -in said combined and consolidated
public parking facilities project and in making new constructions,:extensions
or additions to said project.
Withdrawals and disbursements may be made from said Depreciation
Fund and transferred to the Sinking Fund if and to the extent required in
order to prevent default in the payment of the principal of or interest on
any Bonds outstanding pursuant to this Ordinance and to restore any sums
withdrawn from the Sunking Fund Reserve at any time, and to the extent of
such requirements, said Depreciation Fund is hereby pledged for that purpose;
provided, however, if any moneys -in said Depreciation Fund are so used, the
same shall be restored as soon as possible, through the resumption of monthly
payments from said "Revenue Fund" into. said Depreciation Fund..
The Board of Commissioners -hereby finds and determines that .the
proportion of the aforesaid .cash revenues of..sa U public .project required :.
herein to be set aside into the Operation -and Maintenance Fund is proper and
sufficient for the operation and maintenance of said public project, and -that
the remaining proportion of such balance as provided herein is sufficient
for the purposes of said Depreciation Fund. .
D. SURPLUS REVENUES.
Whenever all specified and. -required transfers and payments into the
special funds hereinbefore provided have been made, all prescribed reserves
have been accumulated and are being maintained, and there is a balance in the
2 54
Revenue Fund in excess of the estimated amount required to be so transferred
and paid into such special funds during the succeeding three months, such
excess shall be deemed an& considered surplus revenues, and all or any part
Of such excess may be paid into the Sinking Fund or into the Sinking Fund
Reserve, or may be used, by order of the Board of Commissioners, to pay or
finance the cost of extensions and improvements to said project, or for any
lawful purposes related to traffic control and regulations.
SECTION 10. PRIORITY AS TO DEPOSITS INTO VARIOUS FUNDS.
The mdney in the Revenue Fund set out above shall be allotted and
paid into the various funds herein created in the manner and on the basis
of the priorities set out above. In the event that the income and revenues
available in the Revenue Fund during any month are inadequate to make the
required payments into any of the funds herein created, the deficiency shall
be made up and paid from the -first available income and revenues thereafter
received, and same shall be in addition to payments'otherwise provided to be
made in the next succeeding month or months.
SECTION 11. INSURANCE.
It is hereby covenanted and agreed that so long as any of the Bonds
hereby authorized are outstanding, the City will carry for the benefit of the
holders of the Bonds adequate fire and windstorn insurance (with extended
coverage) on any and all buildings and structures, if any, of said combined
and consolidated public parking facilities project which are subject to loss
through fire or windstown, will carry adequate public liability insurance,
and will carry, for the benefit of the holders of the Bonds, insurance of the
kinds and in the amounts normally carried by other municipalities or by
private companies in the operation of similar properties in Kentucky. All
moneys received for losses under any of such insurance policies, except
public -liability, shall be paid into the Depreciation Fund, and such
payments shall not reduce the amlunts otherwise required to be'paid into said
Fund. _Disbursements of -such proceeds shall be made in the same manner and
for the .same purposes as are other disbursements made from the Depreciation
Fund; provided further that if, following any such insured loss, any prin-
cipal or interest payment is due and there -are no other funds 'available for
such payment, such insurance proceeds must be first applied to'the'defaulted
Payment or.payments.
SECTION 12. RATES AND CHARGES FOR SERVICES OF THE PROJECT.
While the Bonds authorized hereunder, or any of them, remain
outstanding and unpaid, the rates for all services and facilities rendered
255
by said project to said City and to its citizens, corporations, or others
requiring the same, shall be reasonable and just, taking into account and
consideration the cost of maintaining and operating the same and the proper
and necessary allowances for depreciation thereof, the amounts necessary for
the retirement of all Bonds and the accruing interest on all such Bonds as
may be outstanding under the provisions of this Ordinance, and there shall
be charged such rates and amounts as shall be adequate to meet the require-
ments of the provisions of this Ordinance.
SECTION 13. COVENANT TO MAINTAIN AND OPERATE THE PROJECT.
that said City hereby covenants that so long as any of said Bonds
or parity bonds remain outstanding, it will faithfully and punctually perform
all duties with reference to said project required by the Constitution and
laws of the Commonwealth of Kentucky, including the making and collecting of
reasonable and sufficient rates for services rendered and facilities afforded,
that it will maintain said project in good condition and continuously operate
same, and that it will segregate the revenues of the project and make appli-
cation thereof into the respective funds as provided by this Ordinance; and
the City hereby irrevocably covenants, binds and obligates itself not to sell,
lease, mortgage, or in any manner dispose of the ownership of the properties
comprising said project, including any and all extensions and additions that
may be made thereto, except as provided in Section 9C hereof, until all of
the Bonds herein authorized on parity bonds permitted to be issued shall have
been paid in full, both principal and interest.
SECTION 14. PARITY BONDS.
Said City hereby reserved the right and privilege of financing..
the initial completion of the parking facilities construction project and
of financing future extensions, additions and improvements to said project
by the issuance of additional bonds from time to time which will be payable
from the income and revenues of said project and will rank on a parity with
the Bonds herein authorized; provided that before any such additional
parity bonds may be so issued for such latter purpose there shall have been
procured and filed with the City Clerk a statement by an independent State
Licensed Accountant, not in the regular employ of the City on a salaried
basis, reciting the opinion, based upon necessary investigation, that the
net income and revenues of said project for twelve (12) consecutive months
out of the preceding eighteen (18) months, was equal to at least two and
one-half (2-1/2) times the maximum amount of principal and interest require-
ments scheduled to mature thereafter with respect to the total of the Bonds
256
then outstanding plus the additional parity bonds then proposed to be
issued. "Net Income and Revenues," as herein used, are defined as gross
income and revenues less operating expenses, which shall include salaries,
wages, cost of maintenance and operation, materials and supplies, administra-
tion and insurance, and all other items normally and regularly considered to
be expended under recognized accounting practices, exclusive of allowances
for depreciation.
Prior to the issuance of any such additional parity bonds, contracts
(secured by 100°/ performance bond) for the immediate construction or acquisi-
tion of such extensions or improvements must have been entered into or will
be entered into prior to the issuance of such ad ditional parity bonds.
The interest payment dates for any such additional bonds shall be
semi-annually on January first and July first of each year, and the principal
maturities of such a(Vitional parity bonds shall be January first of any year
in which any such principal is scheduled to become due.
The additional parity bonds (sometimes herein referred to as bonds
"permitted" to be issued) the issuance of which is restricted and conditioned
by this Section, shall be understood to mean bonds payable from the income
and revenues of said public parking facilities project, ranking on a parity
with the Bonds herein specifically authorized, and shall not be deemed to
include, nor to prohibit the issuance of, other obligations, the security
and source of payment of which are subordinate and subject to the priority
of the Bonds herein authorized or permitted to be issued.
At the time of issuance of said additional parity bonds, all
payments required by this Ordinance to be made in certain funds created
herein shall be adjusted as heretofore provided.
Except as provided in this Section, the City shall not, so long
as any of the Bonds herein authorized or parity bonds are outstanding, issue
any additional bonds payable from the revenues of said project, unless the
lien or pledge of the revenues or other security to secure such additional
bonds is made inferior and subordinate in all respects to the security of
the Bonds hrein authorized and any parity bonds.
The City expressly reserves the right I. to issue its bonds or other
obligations payable from the revenues of the project and not ranking on a
basis of equality and parity with the Bonds herein authorized, without any
proof of previous earnings or net revenues; provided, however, that nothing
in this Section is intended to or shall be construed as a restriction upon
the ordinary refunding of the bonds herein authorized and such parity bonds.
257
SECTION 15. GENERAL COVENANTS.
The City covenants, so long as any of the bonds herein authorized
or bonds ranking on a parity therewith that may be issued are outstanding,
as follows:
a. It will at all times operate said public parking facilities
project on a revenue-producing basis.
B. It will at all times maintain said project in good condition
through application of revenues accumulated and set aside for operation and
maintenance as herein provided; and will make renewals and replacements as
the same may be required through application of revenues accumulated and set
aside into the Depreciation Fund.
C. It will maintain all on -street or curb -line parking meters
existing at the time of the issuance of the Bonds authorized herein and will
not reduce the service rates prevailing at such time; subject, however, to
the City's rights and duties under its police power to change the location
of such on -street parking meters when made necessary by street relocations
or by adjustments or readjustments of traffic regulations and controls.
SECTION 16. RECORDS, ADULTS AND REPORTS.
Insofar as consistent with the laws of Kentucky, said City agrees
that so long as any of the Bonds hereby authorized remain outstanding, it
will keep proper books of record and account separate from all other municipal
records and accounts, showing complete and correct entries of all transactions
relating to said public project, and that the holders of any of said Bonds
shall have the right at all reasonable times to inspect the public project
and all records, accounts and data of the City relating thereto.
As soon as may be feasible after the clost of each fiscal year, and
in any event not later than sixty (60) days thereafter, the City covenants
that it will cause an audit of the financial affairs of the public project
to be made by a Certified Public Accountant. Copies of the audit report shall
be furnished to the original purchaser of said Bonds, upon request, and a
copy of same shall be kept on file in the office of the City Clerk, where it
will be subject to inspection at any reasonable time by or on behalf of any
holder of outstanding Bonds or coupons. A condensation of the important facts
shown by such report will be mailed to any such bondholder or couponholder
upon request. The City also shall prepare and furnish to said original pur-
chaser and to any bondholder requesting same, monthly earnings statements of
the project, if mimeographed forms are furnished to the City for that purpose.
258
SECTION 17. SIGNATURES OF OFFICERS.
If any of the officers whose signatures or facsimile signatures
appear on the Bonds or coupons cease to be such officer before delivery of
the Bonds, such signatures shall nevertheless be valid for all purposes
the same as if such officers had remained in office until delivery, as
provided in KRS 58.040 and in KRS 6.390.
SECTION 18. ALL BONDS OF THIS ISSUE ARE EQUAL
The Bonds authorized and permitted to be issued hereunder, and from time
to time outstanding, shall not be entitled to priority one over the other in tht
i
application of the income and revenues regardless of the time, or times, of the: I
issuance.
SECTION 19. CONTRACTUAL NATURE OF ORDINANCE
The provisions of this Ordinance shall constitute a contract between
the City and the holders of the Bonds herein authorized to be issued, and after
the issuance of any of the Bonds no change, variation or alteration of any kind,
in the provisions of this Ordinance shall be made in any manner except as herei
provided, until such time as all of said Bonds issued hereunder and the interest
thereon have been paid in full; provided, however, that the holders of eighty
percent (80%) in principal amount of the Bonds at any time outstanding shall hal
the right to consent to and approve the adoption of resolutions, ordinances or
other proceedings modifying or amending any of the terms or provisions containell
in this Bond Ordinance, subject to the provisions that this Ordinance shall not
be so modified or amended in any manner that may adversely affect the rights of
holders of less than all of the Bonds then outstanding or to reduce the percentai
of the number of holders whose consent is required to effect a further modifica'I
tion; provided further that the governing body of the City may adopt an ordinanc
for any purpose not inconsistent with the terms of this Ordinance and which shat
not impair the security of the same or of the bondholders, for the purpose of
curing any ambiguity, or of curing, correcting, or supplementing any defective
or inconsistent provisions contained herein or in any Ordinance or other procee
!�
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ings pertaining hereto.
SECTION 20. BONDHOLDERS' REMEDIES.
That any holder of said Bonds, or of any of the coupons, may, either
at law or in equity, by suit, action, mandamus, or other proceedings, enforce
and compel performance by said City and its officers and agents of all duties
imposed or required by law or by this Ordinance in connection with the operatio
of said public project, including the making and collecting of sufficient rates
the segregation of the income and revenues and the application thereof in
accordance with the provisions of this Ordinance.
259
If there by any default in the payment of the principal of or interest
on any of said Bonds, then, upon the filing of suit by any holder of said Bonds
or coupons, any court having jurisdiction of the action may appoint a Receiver
to administer said public project on behalf of said City, with power to charge
and collect rates and charges for the services and facilities provided by said
public project sufficient to provide for the payment of any Bonds or obligations
outstanding, the interest thereon, and the expenses of operation and maintenance,
and to apply the income and revenues in accordance with the provisions of this
Ordinance, and of the applicable statutes of Kentucky and to take such other
action as may be appropriate for the protection of any such holder within the
applicable legal provisions.
SECTION 21. PROVISIONS IN CONFLICT REPEALED.
That all ordinances, resolutions and orders, or parts thereof, in
conflict herewith, are to the extent of such conflict, hereby repealed, and it
is hereby specifically ordered and provided that any proceedings heretofore
taken for the issuance of other bonds payable or secured in any manner by all
or any part of the income and revenues of said public project, or any part
thereof, and which have not heretofore been issued and delivered, are hereby
revoked and rescinded, and none of such other bonds shall be issued and delive
SECTION 22. SEVERABILITY CLAUSE.
If any section, paragraph, clause, or provision of this Ordinance
shall be held invalid, the invalidity of such section, paragraph, clause or
provision shall not affect any of the remaining provisions of this Ordinance.
SECTION 23. EFFECTIVE DATE OF ORDINANCE.
This ordinance shall be introduced at a meeting of the Board of
Commissioners and remain on file for at least one week for public inspection
in the completed form in which it shall be put on its final passage and if
adopted shall be in full force and effect ten
days thereafter.
Mayor
Introduced by the Board of Commissioners July 11, 1967
Passed by the Board of Commissioners July 25, 1967
Recorded by Sarah Thurman, City Clerk, July 25, 1967